Shares of Caterpillar (NYSE:CAT) have erased morning’s losses after Morgan Stanley downgraded the stock from “equal weight” to “underweight” citing increasing downside risks. Fundamental analysis: MS downgrades the stock Morgan Stanley downgraded Caterpillar stock today to “equal weight” on the back of the “increased risks of a multi-year downturn in spending in the non-residential construction industry”. “We are downgrading CAT to UW and URI to EW as we see growing headwinds from a multi-year downturn in Non-Resi Construction, combined with historically weak oil prices and declining mining commodity prices,” said Morgan Stanley’s analyst Courtney Yakavonis. Yakavonis previously cut Caterpillar stock
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